I am approved, but the seller says they need to see my tax returns and paystubs.

i just opened escrow in california, and have already been approved. the builder says that they must have my tax returns and paystubs anyways. i have completed an application with the builder's lender and let them run my credit even though i have my own lender. thier lender does not want to see my tax returns, but they insist that the seller still needs them. is it legal for them to demand my personal financial documents when the bank has already agreed to fund my loan?

[I AM ALWAYS LIABLE]

Originally posted by loradia
i just opened escrow in california, and have already been approved. the builder says that they must have my tax returns and paystubs anyways. i have completed an application with the builder's lender and let them run my credit even though i have my own lender. thier lender does not want to see my tax returns, but they insist that the seller still needs them. is it legal for them to demand my personal financial documents when the bank has already agreed to fund my loan?

My response:

And, I want to see your underwear drawer, first. Also, I want to see the birth certificate for your first-born male child, and your proof of insurance on your cars.

Does that make sense? Of course not.

Unless the builder is holding a lien, or taking back a "second" for you, I don't understand their necessity. It's the same thing as placing cash on the table - - in full. If you have ALL the cash to pay for the house, I can see no rational basis for this request.

When you asked them, and besides their "conclusion" of "we need to see the documents," what is their explanation and rationale for such a request?

Perhaps HomeGuru will chime in and shed a little more light on this subject.

IAAL

i am glad someone else thinks this is crazy. the response i was given is that they do not want any foreclosures in the neighborhood so they need to make sure i can make the payment. this however, was the response of the agent who has not proved to be the smartest person i have ever dealt with.

[JETX]

From your reply, it appears that this request is being made solely by an agent. If so, I suggest you tell him something like.... "I am concerned that I am dealing with a possible deadbeat and credit scammer and really feel uncomfortable doing so. It would greatly ease my concern if YOU (the agent) would provide copies of your last five years IRS returns PLUS your last 6 months of bank deposits." When he refused say, "See, now you understand why I won't give YOU mine either!".

IAAL, you are too funny. I wish the real estate attorneys that I work with had your sense of humor.

Sounds like this is a restricted and exclusive neighborhood for only those who need no loans to help with the purchase of the property doesn't it?

As long as your lender is assured that you can make the payments it isn't anyone else's business. Turn it around on him and tell him you'll show him yours when you get to see everyone else's because you want to make sure that they all live up to your standards before you move into the neighborhood. And he might as well show you his too because you don't want to buy from anyone that might have less than perfect credit.

[I AM ALWAYS LIABLE]

My response:

I'll show you mine, if you show me yours . . .

Anyone for "playing doctor"?

(not you, JETX. I think we're built alike)

IAAL

[JETX]

Damn, and you had just begun to pique my interest!!

IAAL, I knew you would come back and "bite" me with that one but I couldn't resist!

[I AM ALWAYS LIABLE]

Originally posted by melissae
IAAL, I knew you would come back and "bite" me with that one but I couldn't resist!

My response:

Ever heard of "Teeth Across America"?

IAAL

[I AM ALWAYS LIABLE]

Originally posted by Halket
Damn, and you had just begun to pique my interest!!

My response:

Well, I'm game if you are. I'll try anything once . . .

"Now, whip it. Whip it good."

IAAL

You must have figured out that I am a redhead! Teeth Across America**************..hhhmmmmmmm**************...it's a thought.

[I AM ALWAYS LIABLE]

Originally posted by melissae
You must have figured out that I am a redhead! Teeth Across America**************..hhhmmmmmmm**************...it's a thought.

My response:

I just informed Mrs. Liable that I must fly to Arkansas. Something about a redhead in distress.

I think she bought it, although I'm not sure.

"I'm leavin' on a jet plane - - I don't know when I'll be back again. Oh, babe, I hate to go. But there's a redhead in Arkansas that needs me, to bite her. All my bags are packed, including my dentures, I'm ready to go, I'm standing here outside your door. One more time, let me kiss you, then close your eyes and I'll be on my wayyyyy . . . "

IAAL

Poor Mrs. IAAL, what a NUT she has to live with. You leave me speechless. I have never been serenaded online before and just to think you picked my favorite Peter, Paul and Mary song, you really must have esp. It's just too darn bad you don't have your own teeth.

[HomeGuru]

Wow, I leave this website to go to a business dinner meeting and missed out on all the fun.

Anyway, unless the contract had a specifc condition requiring the Buyer to provide financial info to the Seller, the writer can say no way.
That is unless one of the parties is a cute redhead, has teeth and can fly.

[HomeGuru]

Trivia: the song referenced in this thread was written by John Denver. It is ironic
that he died flying a plane.